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PHILADELPHIA, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Inari Medical, Inc. (NASDAQ: NARI) on behalf of the company’s long-term shareholders.
https://kaskelalaw.com/cases/inari-medical/
Recently a securities fraud complaint was filed against Inari Medical on behalf of investors who purchased shares of the company’s stock between February 24, 2022 and February 28, 2024. According to the complaint, during that time period Inari Medical and certain of the company’s senior executive officers “repeatedly touted Inari’s financial results and the success of its product sales but failed to disclose that these numbers were inflated by bribes and other improper and illegal payments to healthcare providers.”
As detailed in the complaint, on February 29, 2024, Inari shocked investors when the company disclosed it received a civil investigative demand by the U.S. Department of Justice (“DOJ”) over certain payments to healthcare professionals relating to meals and consulting services, and warned that “depending on the outcome of the investigation, there may be a material impact on our business, results of operations, or financial condition.” Following this news, shares of Inari Medical’s stock fell $12.14 per share, or nearly 21% in value, to close on February 29, 2024 at $46.12 per share, on unusually heavy trading volume.
The investigation seeks to determine whether the members of Inari Medical’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Inari Medical shareholders who purchased or acquired their currently held NARI shares prior to February 28, 2024 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 for additional information about this investigation and their legal rights and options. Alternatively, investors may submit their information to the firm by clicking on the following link (or by copying and pasting the link into your browser):
https://kaskelalaw.com/cases/inari-medical/
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLCD. Seamus Kaskela, Esq.(skaskela@kaskelalaw.com)Adrienne Bell, Esq.(abell@kaskelalaw.com)18 Campus Blvd., Suite 100Newtown Square, PA 19073(888) 715 – 1740(484) 229 – 0750www.kaskelalaw.com
This notice may constitute attorney advertising in certain jurisdictions.
Reporter Name | Hoffman William |
Relationship | Director |
Type | Sell |
Amount | $1,833,188 |
SEC Filing | Form 4 |
William Hoffman, Director at Inari Medical, sold 40,000 shares of Common Stock on September 16, 2024, under a Rule 10b5-1 trading plan. The sales were executed at weighted average prices of $45.73 and $46.27, totaling $1,833,188. Following these transactions, Hoffman directly owns 643,296 shares of Inari Medical.
SEC Filing: Inari Medical, Inc. [ NARI ] - Form 4 - Sep. 18, 2024
Reporter Name | Hill, Mitch C. |
Relationship | Chief Financial Officer |
Type | Sell |
Amount | $135,385 |
SEC Filing | Form 4 |
Mitch C. Hill, Chief Financial Officer of Inari Medical, sold 3,000 shares of common stock on September 12, 2024, under a Rule 10b5-1 trading plan. The sales occurred at weighted average prices of $44.38, $45.8, and $46.34, totaling $135,385. Following these transactions, Hill directly owns 179,600 shares and indirectly owns 1,600 shares through a spouse.
SEC Filing: Inari Medical, Inc. [ NARI ] - Form 4 - Sep. 13, 2024
Inari Medical, Inc. NARI is well-poised for growth on the back of a huge market opportunity for its products and its commitment to understanding the venous system. However, its dependency on the adoption of products is concerning.
Shares of this Zacks Rank #3 (Hold) company have lost 29.2% year to date against the industry’s 9.2% growth. The S&P 500 Index has risen 16.3% in the same time frame.
NARI, with a market capitalization of $2.63 billion, is a commercial-stage medical device company. It seeks to develop products for treating and changing the lives of patients suffering from venous diseases.
The company’s negative earnings yield of 1.6% compares favorably with the industry’s (-5.3%). It delivered a trailing four-quarter average earnings surprise of 35.80%.
What’s Driving NARI’s Performance?
Inari Medical’s top-line growth is primarily driven by its ClotTriever and FlowTriever products that target the venous thromboembolism (VTE) markets (with significant growth opportunities going forward). The significant growth prospects for Inari’s VTE products should help drive the company’s revenues. Currently, conservative medical management with anticoagulants is the standard of care for VTE.
However, new therapies like ClotTriever and FlowTriever products are demonstrating rising adoption as they lead to lower treatment-related risks. Inari focuses on establishing its treatments as the standard of care for VTE, whichis significantly underpenetrated.
Per Inari Medical’s estimate, there are 1.9 million people with VTE in the United States each year, with 1 million diagnosed with DVT and 900,000 with PE. Among this patient population, there are around 430,000 DVT and 280,000 PE patients every year in the United States who could benefit from treatment through ClotTriever and FlowTriever products, respectively.
Strong procedural growth across both its product lines, ClotTriever and FlowTriever, drove the company’s top line in the first quarter, a trend that is likely to be reflected in the rest of 2024. Continued expansion of its product portfolio, with new introductions like Protrieve, InThrill and FlowSaver, among others, is driving the adoption of Inari Medical’s products.
Apart from the effectiveness of these products, an attractive procedural reimbursement is also fueling their adoption. Per Inari Medical, reimbursement for ClotTriever and FlowTriever is higher than the cost incurred by hospitals for mechanical thrombectomy in DVT and PE patients, thereby generating an income. Costs for conventional methods are higher than reimbursements.
NARI’s commercial expansion and market development plans have been driving the global Venous Thromboembolism (“VTE”) business, its major revenue generator. Moreover, rising demand for emerging therapies like RevCore should bring additional revenues in the upcoming quarters, thereby boosting top-line growth. The company is currently engaged in the limited market release of Venacore, the second purpose-built tool within the CBD toolkit, expanding NARI’s emerging therapies category.
Increased adoption of Inari Medical’s products in Western Europe and case growth in its early-stage markets in Latin America, Canada and the Asia-Pacific region look promising. The company expects to start treating patients in China and Japan in 2024. International markets present a significant opportunity for NARI’s long-term growth.Management expects the international business to contribute more than 20% to the company’s future revenues on the back of addressing the unmet needs.
Inari Medical, Inc. Price
Inari Medical, Inc. price | Inari Medical, Inc. Quote
What’s Weighing on the Stock?
Although ClotTriever and FlowTriever have attractive reimbursement coverages, these are determined by government agencies, private insurers and other payors for a particular procedure, irrespective of the devices used for it. Meanwhile, third-party payors are increasingly limiting coverage and reducing reimbursements for medical products and services.
In addition, the U.S. government, state legislatures and foreign governments have continued implementing cost-containment programs, including price controls, restrictions on coverage and reimbursement. Any unfavorable change in coverage for Inari Medical’s products will likely hurt their adoption, thereby affecting top-line growth. Moreover, expansion in international markets is a greater risk as multiple countries are unlikely to have extensive reimbursement coverage, which may adversely impact adoption.
Meanwhile, the FDA recall of ClotTriever XL Catheter, 30mm may have an unfavorable impact on revenues in the upcoming quarter. The company has announced critical updates to the instructions for using the device.
Inari Medical is currently facing a civil investigative demand from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act. According to the department, NARI might have been involved in influencing healthcare professionals to prescribe its products. Any unfavorable ruling should be a setback for the company that may lead to lower demand for its products, hurting sales growth.
Estimate Trend
The Zacks Consensus Estimate for the company’s 2024 revenues is pegged at $600 million, indicating a 21.6% increase from the previous year’s reported number. The consensus estimate for the bottom line is pinned at a loss of 70 cents, implying a 638% decline from that recorded a year ago. However, earnings are expected to improve 120% in 2025.
Key Picks
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, DaVita Inc. DVA and Boston Scientific BSX.
Intuitive Surgical, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
ISRG’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. Its shares have risen 46.4% compared with the industry’s 9.2% growth year to date.
DaVita, sporting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 17.5%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 24.24%.
DaVita’s shares have risen 50.4% compared with the industry’s 16% growth year to date.
Boston Scientific, carrying a Zacks Rank #2 (Buy) at present, has an estimated earnings growth rate of 12.5% for 2024. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.49%.
BSX’s shares have risen 45% year to date compared with the industry’s 14.2% growth.
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